- Pepecoin’s surge in late September faced strong resistance at its 50-day EMA, sparking concerns of a potential downturn.
- Despite a recent influx of new holders, on-chain indicators suggest reduced blockchain activity compared to May.
- Binance’s Pepecoin wallet remains a dominant player, holding a significant portion of the circulating supply.
Pepecoin’s recent price movements have garnered significant attention in the cryptocurrency world, with a notable correlation to Bitcoin’s price trends in late September. During the final week of the month, Pepecoin experienced a remarkable surge of over 37%, reaching a peak of 0.00000085 against Bitcoin. However, this surge was met with resistance as Pepecoin retested its 50-day exponential moving average (EMA), marking a critical point on the charts.
The subsequent correction in Pepecoin’s price was accompanied by a substantial 40% increase in trading volumes, suggesting a decisive bearish sentiment among Pepecoin traders. This development raises concerns of a potential further decline below the 20-day EMA (the red wave on the charts), which could drive the PEPE price down to a local support target of $0.00000066.
Pepecoin (PEPE) is currently valued at $0.0000007343 indicating a decrease of 9.90%, in the last 24 hours. However over the course of the week the price of this cryptocurrency has experienced a 4.10% increase. With a circulating supply of 420 trillion PEPE tokens, the market cap stands at $310.5M.
On-chain indicators also support the bearish outlook for Pepecoin. While the first days of Q4 brought a slight uptick in the transaction count, the overall blockchain activity remains significantly below the peak observed in May. Transfer amounts, the number of unique addresses, and transfer counts all lag behind their previous highs.
Despite the waning popularity of Pepecoin, there has been a recent influx of new holders, with 604 wallets added in the previous week. This surge in new holders may be attributed to optimistic expectations related to Uptober. Notably, one wallet made a substantial investment of $801,000 to acquire 1.08 trillion PEPE tokens, signaling continued interest in the project.
It’s worth noting that Binance’s Pepecoin wallet still holds a dominant position, accounting for nearly 25% of the circulating supply and ranking among the top 100 holders. These addresses control over 73% of the total supply held by the richest wallets.
Pepecoin’s recent price movements and on-chain data indicate a cautious outlook, with both bullish and bearish factors at play in the cryptocurrency’s trajectory. Traders and investors will be closely monitoring these developments in the coming weeks.
